'Network State' project Praxis secures $525 million to build crypto-friendly city
Quick Take Praxis, which bills itself as the world’s first “Network State,” announced it has secured $525 million to build a tech-forward city that will support the development of crypto, artificial intelligence, energy and biotech. Investors in the round include Arch Lending, GEM Digital, Manifold Trading, and angels like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project has previously raised money from Paradigm, Alameda Research and Three Arrows Capital.
Praxis, the ambitious project that bills itself as the world’s first "Network State," announced on Tuesday it secured $525 million to finance the building of a tech-forward city that will support the development of crypto, artificial intelligence, energy and biotech.
"With this capital, Praxis can execute its vision of building the next great city," the project said in a statement . "The city will be designed to attract entrepreneurs and foster breakthroughs in AI, crypto, biotech, energy, and advanced manufacturing ... The culture of the city will promote the traditional values of Western Civilization."
Praxis, helmed by 28-year-old cofounder Dryden Brown, provided a long list of new investors, including Arch Lending, GEM Digital, Manifold Trading, and angels like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project has previously raised money from Paradigm, Alameda Research and Three Arrows Capital.
A report published by The Wall Street Journal said that the location of the future Praxis city has yet to be determined. Additionally, Praxis can access "financing from GEM Digital after it lists crypto tokens on a public exchange," the report also said.
"Seeing institutions like BlackRock commit to crypto, we designed a crypto-native mechanism for financing large scale projects using tokenized real-world assets, in partnership with the largest new city development project in the Middle East, Global Emerging Markets," Praxis said in a statement. "This financing, primarily consisting of a drawdown facility, represents this mechanism’s first deployment.
According to its statement, Praxis aims to build a new city for three reasons: "Unlocking technological and scientific possibilities," "creating more heroic and beautiful ways of life," and "to show the world that it is possible to build a great city in the 21st Century."
The project's website also says it has nearly 14,000 "Praxians" who live around the world.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Senate Republicans pick pro-crypto John Thune as their next leader
Share link:In this post: Senate Republicans chose pro-crypto John Thune as their new leader, replacing Mitch McConnell after 18 years. Thune’s pro-free trade stance puts him at odds with Trump, especially on tariffs, which he warned could lead to inflation. Known for his support of crypto legislation, Thune co-sponsored the Digital Commodities Consumer Protection Act to bring clear regulation to the industry.
BlackRock expands BUIDL with cross-chain integration to spread investment opportunities
Share link:In this post: BlackRock announced the launch of its BUIDL across multiple blockchains on November 13. The tokenized BlackRock USD Institutional Digital Liquid Fund will expand to Aptos, Optimism, Avax, OxPolygon, and Arbitrum. BUIDL was first launched on Ethereum in March of this year, and this initiative represents an evolutionary step in tokenization.
Polymarket CEO Shayne Coplan had phone, electronics seized by the FBI
Share link:In this post: The FBI raided the home of Polymarket’s CEO Shayne Coplan, seizing a phone and electronics. The raid was considered a form of political messaging, despite Polymarket’s transparent nature and self-balancing market that cannot be manipulated. Polymarket continues to function, though with only a fraction of its open interest and daily users.
Liberland launches Space Program to drive technological innovation and global collaboration
Share link:In this post: The Free Republic of Liberland launches its space program. The country wants to pioneer technological advancement and global collaboration. The micronation is creating an open platform where nations and private entities can come together, work freely, and drive progress without the constraints of bureaucracy. The space program seeks to accelerate the development of decentralized, pro-freedom solutions in the space industry.
Trending news
MoreCrypto prices
More
